Weekly Dry Market Monitor: Spotlight on Capesize Freight and Growth of Tonne Miles to India in Dry Bulk Market , International Shipping News 03/06/2026 Key Takeaway The first half of the year is on track for the strongest Baltic Dry Index (BDI) performance since 2023. C3 and C5 rates remain supported by resilient Chinese iron ore imports despite weak domestic steel production. Market attention is increasingly shifting toward India’s evolving iron ore demand dynamics. The first half of the year is shaping up to deliver the strongest Baltic Dry Index (BDI) performance since 2023. While activity on the C3 and C5 routes continues to be supported by robust Chinese iron ore import demand, despite continued weakness in domestic steel production, attention is increasingly turning to India. Recent shifts in Indian iron ore demand are beginning to influence dry bulk trade flows and could become a more significant driver of freight market dynamics in the months ahead. All data and commentary reflect market conditions as of [Friday, 29 May 2026], unless otherwise stated. FREIGHT MARKET OVERVIEW | Capesize Snapshot The Baltic Capesize Index (BCI) closed at 5,503 points in the final week of May, while the Capesize Timecharter Average (C5TC) stands at $46k/day, reflecting a year-on-year increase of 170%. At the route level, the C3 route (Tubarao to Qingdao) is assessed at $38/MT, up 57% quarter-on-quarter and 90% year-on-year, supported by firm Brazil-China iron ore volumes and tighter tonnage availability in the Atlantic basin. The C5 route (West Australia to Qingdao) is currently assessed at $16.4/MT, also up 56% quarter-on-quarter and 97% year-on-year, reflecting stronger Pacific market conditions compared to the same period last year. Spotlight | India: An Emerging Driver to Watch This year, a new dynamic driver has begun to show early signs in India-bound cargo flows. Increased volume of iron ore shipments from major loading hubs (primarily Brazil) to Indian discharge ports i